Stay Vigilant: Protect Your Wallet from Rising Gift Card Fraud with InfoDefender
Gift cards are a staple of Canadian generosity, perfect for birthdays, holidays, and just-because moments. But did you know they're also a goldmine for scammers? With Canadians reporting over CAD 190 million lost to gift card scams in just the first nine months of 2021, it's clear that this convenient gift option isn't without its risks.
The Growing Threat of Gift Card Fraud
Gift cards should simplify gift-giving, yet they've become a complex playground for fraudsters. Physical and digital gift cards alike are vulnerable to scams designed to drain their funds. Despite increased security measures by companies, scammers are becoming more sophisticated. Over CAD 19 billion in unused gift card funds is at risk each year, with fraudsters preying on these dormant balances.
Recognizing the Scams
- Traditional Gift Card Fraud: Scammers physically tamper with cards in stores, replacing security stickers and waiting to drain funds as soon as they're activated.
- Digital Gift Card Fraud: Cybercriminals use advanced tactics like botnets to hack into online gift card accounts, using complex algorithms to crack account numbers and security codes.
- Laundering Stolen Gift Cards: Once they have a stolen card, criminals cleverly launder the funds by purchasing items to resell for "clean" money, effectively erasing their tracks.
Proactive Measures Against Fraud
- Buy Direct: Always purchase gift cards straight from the retailer to minimize the risk of fraud.
- Be Choosy In-Store: Pick cards from secure locations and check for intact security features.
- Act Fast on Fraud: Report suspected fraud to the retailer and the Federal Trade Commission immediately.
- Secure Your Gift: If you're gifting a card, change the security code quickly to protect the funds.
- Keep Records: Save receipts and take photos of the card’s ID number for easy reporting if needed.
In today's digital age, staying informed and vigilant is your best defense against gift card fraud. With InfoDefender, you're not just giving a gift card; you're giving the gift of security. Remember, knowledge and caution are your best allies in the fight against fraud. Protect yourself and your loved ones with InfoDefender — because your peace of mind is priceless. If you'd like to protect your identity and personal info, start your free 30-day trial today.
